Binance, the largest cryptocurrency in the world on the basis of 24-hour trading volume, has announced its expansion to Jersey.
Digital Jersey, an independent organisation promoting Jersey’s digital industries, has recently signed a Memorandum of Understanding (MoU) with Binance. Under the MoU, Binance will develop a compliance base and cryptocurrency exchange in Jersey. The two will work closely to deliver training and other initiatives to support the growing blockchain ecosystem in Jersey.
The move is expected to create 40 new jobs in Jersey. Digital Jersey is also working with the Binance Foundation on training schemes covering a range of digital skills including distributed ledger technology (DLT), artificial intelligence (AI), and regulatory compliance.
“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment,” CEO of Binance, Changpeng Zhao, said. “With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”
In addition, Binance also plans to invest in Jersey-based start-ups engaged in DLT, AI and regtech through Binance Labs.
“We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area,” CEO of Digital Jersey, Tony Moretta, said.
